Viksit Bharat target in 2047 defines Modi 3.0 in its Budget-2024. The budget has dwelt on four focus areas, viz. productivity in agriculture, employment, skilling and MSMEs. Modi 1.0 in 2014 was focused on the middle class. Tax exemption limits were raised while targeting low deficits. Modi 2.0 in 2019 encouraged the investors. Modi 3.0 in 2024 has set the agenda on political priorities, rejigging its strategy post 2024 election.

The new political realities of Modi 3.0 are reflected in the importance given to the two states of Andhra Pradesh and Bihar. For Andhra, the support includes support for multilateral funding of up to ₹15,000 crore for its new capital and for financing and completing the Pollavaram irrigation project.

For Bihar, the FM has promised that requests from the Bihar government for external assistance from multilateral development banks will be expedited, in addition to ₹26,000 crore for road projects and ₹21,000 crore for power.

The fourth industrial revolution has resulted in structural shift and vanishing jobs. Hence an element of urgency in handling the situation.

Significant announcement made entails five schemes aimed at skilling and employment targeting 4.1 crore youth over the next five years with a budgetary allocation of ₹2 lakh crore. The financial support for loans up to ₹10 lakh for higher education and skilling loan up to ₹7.5 lakhs will significantly enhance skill development of the youth.

FM announced ₹2.2 lakh crore central assistance to boost development of affordable homes in urban areas. The FM also stated that under the second instalment of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 1 crore new homes will be built to support the needs of poor and mid-income households.

While on the macro front FM Sitharaman reduced FY25 fiscal deficit target to 4.5 per cent, which is laudable.

A major push for R&D in nuclear technology is a new incentive. The Government has decided to provide incentives to the states for land-related reforms, land administration and planning, digitisation of cadastral maps. These actions aim to improve credit flow to the agriculture sector.

The FM highlighted a commitment to enhancing women’s participation in the labour force. This initiative will be supported by the establishment of hostels and collaborations aimed at developing specialised skill training programs for women. Moreover to promote women-led development, the budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls.

The abolition of angel tax is also a welcome move.